Where are rents dropping in Las Vegas right now?

Rents are dropping in three neighborhoods in the Las Vegas Valley and rising in two other ones, according to a new report.

The median rent for a one-bedroom apartment in Winchester, which is east of the Strip has gone up 12.3 percent year over year in October, according to a new report from Zumper. The median price of a one-bedroom in Winchester currently sits at $1,460, making it the second priciest area to rent in the valley.

The cost of a one bedroom has also gone up in North Las Vegas by 15 percent year over year to $1,300, however Crystal Chen, one of the authors of the Zumper report, said those specific numbers may be skewed due to limited inventory of that rental type in the municipality.

“One bedroom units are significantly less common in (North Las Vegas), there are currently only about 30 active one-bedroom listings compared to roughly 270 three-bedrooms,” she said. “Since North Las Vegas has a higher concentration of larger three and four bedroom homes, the smaller-unit data tends to be more volatile and less representative of overall trends. When you look across all bedroom types, rents in North Las Vegas are actually down about 2 percent year-over-year.”

Paradise is the most expensive place to rent a one-bedroom in the city (as it encompasses rental condos and apartments close to the Strip) at $1,510 and rental rates are up 4.1 percent in that area in October year over year, according to Zumper.

Rents are down the most in Spring Valley in the southwest valley (5.7 percent year-over-year) to $1,320 and then comes the city of Las Vegas (down 4.2 percent) to $1,150 and Henderson (down 4.1 percent) to $1,420 for a one-bedroom.

Overall rental rates in the Las Vegas Valley have been dropping or have been flat for the past four months and have dropped substantially since this time last year, according to Zumper. One of the biggest driving factors is a glut of new multifamily supply that has come onto the market in the valley, offering new apartment units for renters to choose from.

Real estate analysts have noted the pipeline for multifamily construction in the valley has dried up significantly due to a number of factors, including construction costs, financing costs and increased interest rates with many predicting rental increases in 2026 and beyond. However, Las Vegas has been hit by a slowing economy in 2025 due to a decline in tourism revenue which could end up causing deflation in the local rental market as well.

Contact Patrick Blennerhassett at pblennerhassett@reviewjournal.com.